Marketers can never listen enough to their customers in an ongoing quest for an optimum customer experience and sustained brand loyalty.
Just ask Betty Riess, Senior Vice President, Consumer Banking Media Relations, Bank of America.
“We continually listen to customers and clients to find out how we can make the way we work with them less complicated,” Riess told Loyalty360. “We will help them take advantage of what the bank has to offer and, ultimately, improve their lives. Our customers have told us: ‘Don’t let me spend money I don’t have; give me the tools to do the simple things myself; help make investing easier; and please recognize my loyalty.’’’
As a result, Riess explained that Bank of America has collected invaluable customer insights that have led to the following series of key initiatives:
Simplified products in the consumer bank: Instead of a long list of complicated options, we’ve narrowed down our offerings to three core products that serve the full spectrum of customer needs, from basic banking to expert guidance.
Increased transparency: We’ve continued to refine the disclosures across all of our products to ensure they’re simple, straightforward, and easy-to-understand. Our goal is to ensure that our customers understand all the features, requirements and benefits of our products.
More ways to do business with us: Customers can interact when and where it’s convenient for them – whether it’s depositing a check with their mobile phone, paying their bills through Online Banking, paying for transactions with their phone through Apple Pay, speaking to a teller in a branch or using one of our new ATMs with Teller Assist.
More accessible expertise: We want to be a trusted partner for our customers and clients in the moments when they’re making their biggest financial decisions. These are often times that require more specialized capabilities, like when buying a house, opening a small business, or investing for the future – whether it is planning for college or saving for retirement. We do all this through our client advisors and a network of dedicated specialists in our banking centers. They stand ready to help whenever our customers and clients tell us they need more personalized service.
Simple ways to get rewarded: We created a simple program called Preferred Rewards that delivers everyday benefits and rewards that grow as a customer’s relationship with us grows:
Preferred Rewards is a first-of-its kind program that recognizes and rewards clients for choosing Bank of America for more of their banking, and Merrill Edge for more of their investment needs. It is unlike any other rewards program in our industry because it provides benefits and features across a customer’s entire banking and investing relationship instead of within a single product or service (credit card, savings account, etc.).
Clients with a Bank of America personal checking account and a three-month average combined balance of $20,000 or more across their checking, savings and/or Merrill Edge investment accounts can enroll. And, with a three-tier structure – Gold, Platinum and Platinum Honors – as clients’ combined balances grow, so do their benefits and rewards. There is no fee to enroll in Preferred Rewards for qualified Bank of America clients. Once clients begin receiving benefits, their three-month average balance will be reviewed monthly for the opportunity to achieve additional benefits.